Higher tariffs and their impact on trade remain the “wildest of wild cards” when it comes to economic forecasts, according to the latest outlook released May 16 by University of Michigan economists.
The U.S. economy remains “mostly healthy,” U-M economists said, despite the news the U.S. economy shrank in the first three months. The nation’s gross domestic product — which measures the value of all goods and services produced in the United States — fell at a 0.3% annual rate in the first quarter, the first such slide since 2022.
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